Coverage summary
Aardvark Labs Capital Research has covered Philip Morris International (PM) since July 23, 2025. The company is in the Consumer Defensive sector. This page lists 6 reports: 6 earnings recaps.
The latest is the Q3 2026 Earnings Recap, published October 25, 2026. The current rating is Hold, unchanged since the Q2 2026 Earnings Recap of July 24, 2026. The rating has changed 4 times since coverage began.
Translations: 5 in Chinese.
The Excel model for PM holds 22 quarters and 5 fiscal years of history and 10 quarters and 5 fiscal years of projections. It was last updated September 28, 2026.
Rating history
All PM reports
Recap: Q3 2026
Q3 Beats, Then ZYN Spends It: A 25% Per-Pouch Reset Takes Q4 U.S. Profit to Zero, and at ~24x PM Stays a Hold
Recap: Q2 2026
A Big Beat, ZYN Ultra Lands, and the Round-Trip Back to All-Time Highs: Downgrading to Hold at ~23x
Recap: Q1 2026
IQOS Passes Marlboro, the Smoke-Free Engine Accelerates, and the Stock Has Come Back to Us — Upgrading to Outperform on a ~20% Pullback
Recap: Q4 2025
The Round-Trip Back to the Highs: A Near-Flawless FY2025 Meets a Below-Algorithm 2026 Guide and a Full Valuation — Downgrading to Hold, Taking the Gain
Recap: Q3 2025
The De-Rating Plus the Proof We Wanted: ZYN Offtake Accelerates to +39%, Margins Hit a Four-Year High, Dividend Raised 8.9% — Upgrading to Outperform
Recap: Q2 2025
A Best-in-Class Beat-and-Raise the Market Sold: Record Revenue and Reaccelerating IQOS/ZYN Meet a Priced-for-Perfection Tape — Initiating at Hold